Episode Details

Don Durrett, author and founder of GoldStockData, says the current metals bull market should be viewed as a full-cycle opportunity rather than a short-term trade. Speaking with Kitco Mining at the 2026 Vancouver Resource Investment Conference, Durrett explained that the core driver behind gold and silver is the growing fragility of the US bond market, which he views as the ultimate catalyst for higher precious metals prices. “It’s a cash business, so I focus on free cash flow,” he said.

Durrett said mining stocks remain early in the cycle based on valuation, arguing that free cash flow multiples matter more than quarterly earnings. He described the market as a one-time trade focused on the outcome, or what he calls “the prize,” rather than near-term volatility. His framework includes a normalization phase, followed by higher valuations and an eventual mania phase before profits are taken.

He also discussed portfolio construction, favoring producers and higher-quality development companies, his approach to managing volatility, and why he prefers owning acquirers rather than takeover targets as M&A activity builds across the sector.

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00:18 — Don Durrett’s Background and GoldStockData Framework
01:19 — Why Bond Market Fragility Drives Gold and Silver
04:02 — “Investing for the Prize” and the One-Time Trade Thesis
06:28 — Free Cash Flow Multiples and Why Mining Stocks Still Lag
11:55 — M&A Strategy and Why Durrett Prefers the Buyer
19:02 — 2026 Outlook and Where the Metals Cycle Stands
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Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.